India's Iran oil imports up 5% YoY despite US sanctions: report

TEHRAN, Apr. 13 (MNA) – Reports indicate that India imported about 5% more oil from Iran in the last fiscal year through March as companies raised purchases ahead of US sanctions.

India imported about 5 percent more oil from Iran in the last fiscal year through March as companies raised purchases ahead of US sanctions against Tehran from November, Reuters reported preliminary tanker arrival data obtained from shipping and industry sources.

Despite Washington restricting India’s purchases from Tehran, refiners shipped in about 479,500 barrels per day (bpd) of Iranian oil in 2018/19 compared with about 458,000 bpd a year before, according to the data.

The US reimposed sanctions on Iran in November after making a unilateral withdrawal from the 2015 Iran nuclear deal. The sanctions targeted the country's oil industry in an attempt to reduce Iran's oil exports to zero. Despite the efforts, Iran has managed to maintain a desired level of oil revenues as US was forced to give waivers to eight countries, including India, which allowed them to continue importing oil from Iran. 

India's waiver allowed the country to continue to buy about 300,000 bpd Iranian oil until early May.

Earlier this month, India said it was engaged in talks with the US over extending the waiver beyond May 4 for the import of Iranian crude.

In March, India’s oil imports from Iran rose to about 405,000 bpd, about 56 percent higher than February, the data showed according to Reuters. March volumes were however about 6 percent lower than the purchase in the same month a year earlier.

India, the world's third biggest oil consumer, meets more than 80 per cent of its oil needs through imports. Iran is its third largest supplier after Iraq and Saudi Arabia and meets about 10 percent of India's total needs.

MS/PR

News Code 144033

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